110 Iowa 156 | Iowa | 1899
The Dubuque Specialty Machine Works . was organized as a corporation in the year 1891, with a capital stock of two hundred thousand dollars, represented by two thousand shares, of the piominal value of one hundred ■dollars each. One A. Eerris Smith was the promoter and ■organizer of the corporation, and after its organization he sold it a certain patent, in consideration of certain shares of •stock, and a contract which provided, among other things, that he should receive from the corporation the sum of ■fourteen thousand dollars from the first net earnings of the ■company. Plaintiff Dillon held one hundred and ninety-nine and two-thirds shares, Levens one hundred and thirty •shares, the Telegraph Company two hundred shares, and the ■firm of Levens & Dillon three hundred and fifty shares. E. W. Albee and L. M. Bafoth, who were at one time parties to the suit, owned in the aggregate seventy-four shares of .•stock in the corporation. Defendants Lee, Bothby, and G-. M. Staples also owned stock. Lee was also a. director and ■treasurer of the corporation, and a part of the time acted as -secretary. In the' summer of 1895 the corporation sold its plant and machinery for one hundred thousand dollars in